Commercial real estate services firm Cushman & Wakefield has released its Main Streets Across the World report, which focuses on prime retail rental rates in major global cities. The Chinese saying ‘A square foot of land is worth a square inch of gold’ absolutely rings true for us in Hong Kong, as Tsim Sha Tsui comes in as the world’s third most expensive retail street.
Among the global rankings, Hong Kong only comes after New York’s Fifth Avenue and Milan's Via Montenapoleone; meanwhile, London’s New Bond Street has retained its spot as fourth most expensive retail destination and the Avenues des Champs-Élysées in Paris came in fifth.
As expected, we are also considered the most expensive retail destination within Asia Pacific cities. Hong Kong and Tokyo dominated the region’s most expensive streets, claiming six out of the top eight rankings. Tsim Sha Tsui, of course, claimed the top spot with an average rent of US$1,493 per sq ft per year; followed by Causeway Bay in second, at US$1,374 per sq ft per year; and Central in eighth spot.
Experiential retail is undoubtedly here to stay, and we’re excited to see which brands can make the most out of our pricey retail locations. Click here to view the Cushman & Wakefield report for yourself.